Any product or service that your customers buy, become that customer's assets. While your organization may have a unique and customized Order Fulfillment process, all the processes and procedures in Asset Management start with the Line Item in an order.
The following image describes the life-cycle of a Line Item in the Quote-to-Cash flow.
After your customers agree to purchase a product, the product changes from a Proposal Line Item to an Order Line Item. The status of the Quote/Proposal in this stage is Accepted and the order is now ready to be invoiced.
After you receive payments for an order is when the order line item changes to an Asset line item.
CPQ allows Customer Service and Sales Representatives in your organization to perform the following actions to manage assets.
Generate asset records from orders
Renew the term for an asset
Change the Term, Quantity, Options, and Attributes of a product
Cancel products and subscriptions
Swap one purchased product with another
Create quotes for new products and services based on assets
Create quotes to modify existing products and services
Get visibility into the asset life cycle during customer interactions
Before you manage a customer's assets, you must understand how they use Asset-Based Ordering.
